Every round of A-share market crashes is like a meat grinder, with extremely rapid sell-offs. The STAR Market 50 and ChiNext have been in a terrible state. Macroeconomically, everyone knows it's due to the inability to break free from the dollar system, resulting in a lack of independent fiscal policy. In reality, it's due to the rapid withdrawal of liquidity by institutions. In this market environment, without good hedging, the national team can only slaughter the market. A thousandfold increase in the offshore derivatives market would perpetuate the A-share market's collapse, allowing the mainland market to open up hedging strategies and trading to retail investors.